{"id":898,"date":"2026-01-30T23:10:32","date_gmt":"2026-01-30T20:10:32","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=898"},"modified":"2026-02-07T14:19:43","modified_gmt":"2026-02-07T11:19:43","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-garfa-garanti-faktoring-2025-12-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/898","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 GARFA | Garanti Faktoring 2025\/12 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #GARFA | Garanti Faktoring 2025\/12 Bilan\u00e7o Analizi - Bor\u00e7la Agresif B\u00fcy\u00fcme Bahsi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/5_5kSHtaWWI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Bir Finans Raporunun Sayfalar\u0131ndan \u00c7\u0131kan 3 \u015ea\u015f\u0131rt\u0131c\u0131 Ger\u00e7ek<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Arkas\u0131ndaki Hikayeyi Okumak<\/h3>\n<p>Y\u0131ll\u0131k finansal raporlar, \u00e7o\u011fu zaman rakamlar, tablolar ve dipnotlarla dolu, anla\u015f\u0131lmas\u0131 g\u00fc\u00e7 ve s\u0131k\u0131c\u0131 belgeler olarak g\u00f6r\u00fcl\u00fcr. Ancak bazen, dikkatli bir g\u00f6zle incelendi\u011finde, bu rakamlar\u0131n arkas\u0131nda bir \u015firketin stratejisini, kar\u015f\u0131la\u015ft\u0131\u011f\u0131 riskleri ve faaliyet g\u00f6sterdi\u011fi pazar\u0131n dinamiklerini anlatan s\u00fcr\u00fckleyici bir hikaye bulunur.<\/p>\n<p>Garanti BBVA Factoring&#8217;in 2025 y\u0131l\u0131 finansal raporu, tam da b\u00f6yle bir belge. \u0130lk bak\u0131\u015fta karma\u015f\u0131k g\u00f6r\u00fcnen bu rapor, asl\u0131nda dramatik bir b\u00fcy\u00fcme \u00f6yk\u00fcs\u00fcn\u00fc, bu b\u00fcy\u00fcmenin getirdi\u011fi gizli riskleri ve finansal raporlamay\u0131 \u015fekillendiren ilgin\u00e7 d\u00fczenleyici kararlar\u0131 g\u00f6zler \u00f6n\u00fcne seriyor. Bu yaz\u0131da, bu raporun sayfalar\u0131na gizlenmi\u015f en \u00e7arp\u0131c\u0131 \u00fc\u00e7 ger\u00e7e\u011fi mercek alt\u0131na alaca\u011f\u0131z.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>1. Bor\u00e7la Gelen B\u00fcy\u00fcme: Bir Y\u0131lda Varl\u0131klar\u0131 \u0130kiye Katlaman\u0131n Form\u00fcl\u00fc<\/h3>\n<p>Raporda g\u00f6ze \u00e7arpan ilk ve en sars\u0131c\u0131 ger\u00e7ek, \u015firketin sadece bir y\u0131l i\u00e7inde sergiledi\u011fi devasa b\u00fcy\u00fcmedir. F\u0130NANSAL DURUM TABLOSU (B\u0130LAN\u00c7O)&#8217;na g\u00f6re, \u015firketin toplam varl\u0131klar\u0131 2024 sonundaki 13,3 milyar TL&#8217;den, bir y\u0131l i\u00e7inde %152&#8217;lik \u015fa\u015f\u0131rt\u0131c\u0131 bir art\u0131\u015fla 33,5 milyar TL&#8217;ye f\u0131rlam\u0131\u015f, yani \u015firket b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc bir y\u0131lda iki bu\u00e7uk kat\u0131na \u00e7\u0131karm\u0131\u015ft\u0131r.<\/p>\n<p>Bu patlay\u0131c\u0131 b\u00fcy\u00fcmenin motoru neydi? Cevap, bilan\u00e7onun en b\u00fcy\u00fck kaleminde yat\u0131yor: &#8220;Faktoring Alacaklar\u0131&#8221;. \u015eirketin esas i\u015fi olan bu alacaklar, ayn\u0131 d\u00f6nemde 12,9 milyar TL&#8217;den 32,1 milyar TL&#8217;ye y\u00fckselerek b\u00fcy\u00fcmenin neredeyse tamam\u0131n\u0131 tek ba\u015f\u0131na s\u0131rtlam\u0131\u015f.<\/p>\n<p>Peki, bu muazzam geni\u015fleme nas\u0131l finanse edildi? Rapor, bu sorunun cevab\u0131n\u0131 da net bir \u015fekilde veriyor. Y\u00fck\u00fcml\u00fcl\u00fckler taraf\u0131nda, &#8220;Al\u0131nan Krediler&#8221; kalemi 9,7 milyar TL&#8217;den 27,6 milyar TL&#8217;ye \u00e7\u0131karak, varl\u0131klardaki art\u0131\u015fa paralel bir s\u0131\u00e7rama g\u00f6stermi\u015f. Bu durumun stratejik anlam\u0131 nettir: Bu, her 100 liral\u0131k yeni faktoring alaca\u011f\u0131 i\u00e7in yakla\u015f\u0131k 93 liral\u0131k yeni kredi al\u0131nd\u0131\u011f\u0131, son derece agresif ve borca dayal\u0131 bir b\u00fcy\u00fcme modelidir. Bu hamle, \u015firketin bilan\u00e7osunu \u015fi\u015firirken, risk profilini de k\u00f6kten de\u011fi\u015ftirmi\u015ftir. Bu kadar h\u0131zl\u0131 bir alacak b\u00fcy\u00fcmesi, \u00f6zellikle T\u00fcrkiye gibi enflasyonist bask\u0131lar\u0131n ve ekonomik belirsizli\u011fin y\u00fcksek oldu\u011fu bir ortamda, tahsilat risklerini de beraberinde getirir. Nitekim denet\u00e7ilerin de odak noktas\u0131 tam olarak buras\u0131d\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>2. Odadaki %96&#8217;l\u0131k Fil: Denet\u00e7inin G\u00f6z\u00fcnden En B\u00fcy\u00fck Risk<\/h3>\n<p>Bir \u015firketin finansal raporunu denetleyen ba\u011f\u0131ms\u0131z denet\u00e7iler, en \u00f6nemli g\u00f6rd\u00fckleri konular\u0131 &#8220;Kilit Denetim Konusu&#8221; ba\u015fl\u0131\u011f\u0131 alt\u0131nda \u00f6zetler. Garanti Faktoring raporunda bu b\u00f6l\u00fcmdeki bulgu olduk\u00e7a \u015fa\u015f\u0131rt\u0131c\u0131: denet\u00e7inin odakland\u0131\u011f\u0131 ana konu ciro ya da k\u00e2rl\u0131l\u0131k de\u011fil, finansal varl\u0131klardaki de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fc riski.<\/p>\n<p>Bu odaklanman\u0131n temel nedeni, raporun en kritik verilerinden birinde gizli: &#8220;Faktoring alacaklar\u0131&#8221;, \u015firketin toplam varl\u0131klar\u0131n\u0131n tam <b>%96&#8217;s\u0131n\u0131<\/b> olu\u015fturuyor. Basit bir dille ifade etmek gerekirse, \u015firketin de\u011ferinin neredeyse tamam\u0131, m\u00fc\u015fterilerinden tahsil etmeyi bekledi\u011fi paralara ba\u011fl\u0131. Bu durum, alacaklar\u0131n k\u00fc\u00e7\u00fck bir k\u0131sm\u0131n\u0131n bile \u00f6denmemesinin \u015firket i\u00e7in ne kadar b\u00fcy\u00fck bir risk ta\u015f\u0131d\u0131\u011f\u0131n\u0131 g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<p>\u015eirketin bu riske kar\u015f\u0131 ald\u0131\u011f\u0131 \u00f6nlem ise &#8220;Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131&#8221; kaleminde g\u00f6r\u00fcl\u00fcyor. Bu rakamlar aras\u0131ndaki korelasyon, \u015firketin artan risk i\u015ftah\u0131n\u0131 ve buna kar\u015f\u0131 ald\u0131\u011f\u0131 tedbiri net bir \u015fekilde ortaya koyuyor. Burada iki farkl\u0131 tabloyu analiz etmek gerekir:<\/p>\n<ul>\n<li><b>Y\u0131ll\u0131k Gider:<\/b> K\u00e2r veya Zarar Tablosu&#8217;na g\u00f6re, \u015firketin o y\u0131l i\u00e7inde potansiyel zararlar i\u00e7in ay\u0131rd\u0131\u011f\u0131 &#8220;Kar\u015f\u0131l\u0131k Giderleri&#8221;, 2024&#8217;teki 111,4 milyon TL&#8217;den 2025&#8217;te 353,1 milyon TL&#8217;ye f\u0131rlam\u0131\u015f. Bu, \u015firketin bir y\u0131lda gelecekteki olas\u0131 bat\u0131klar i\u00e7in \u00fc\u00e7 kattan fazla gider yazd\u0131\u011f\u0131n\u0131 g\u00f6sterir.<\/li>\n<li><b>Toplam Kalkan:<\/b> Finansal Durum Tablosu&#8217;na (Bilan\u00e7o) g\u00f6re ise, \u015firketin birikmi\u015f &#8220;Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131&#8221; bakiyesi, yani toplam g\u00fcvenlik a\u011f\u0131, 2024 sonundaki 130,5 milyon TL&#8217;den 2025 sonunda 377,4 milyon TL&#8217;ye y\u00fckselmi\u015f.<\/li>\n<\/ul>\n<p>Bu durum, \u015firketin patlay\u0131c\u0131 bir \u015fekilde b\u00fcy\u00fcrken, potansiyel bat\u0131k alacak riskinde de orant\u0131sal olarak \u00e7ok daha b\u00fcy\u00fck bir art\u0131\u015fa haz\u0131rland\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Y\u00fcksek enflasyonist ortamda bu kadar agresif b\u00fcy\u00fcmek, ka\u00e7\u0131n\u0131lmaz olarak tahsilat riskini de art\u0131r\u0131r ve ayr\u0131lan bu devasa kar\u015f\u0131l\u0131klar, bu riskin somut bir kan\u0131t\u0131d\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>3. Enflasyon Var Ama Yok: Muhasebe D\u00fcnyas\u0131ndan S\u0131ra D\u0131\u015f\u0131 Bir Not<\/h3>\n<p>Raporun dipnotlar\u0131 aras\u0131nda, T\u00fcrkiye gibi y\u00fcksek enflasyonlu bir ekonomide faaliyet g\u00f6steren bir \u015firket i\u00e7in olduk\u00e7a s\u0131ra d\u0131\u015f\u0131 bir detay yer al\u0131yor. Uluslararas\u0131 muhasebe standartlar\u0131 (\u00f6zellikle TMS 29), bu t\u00fcr ekonomilerdeki \u015firketlerin, paran\u0131n sat\u0131n alma g\u00fcc\u00fcndeki kayb\u0131 yans\u0131tmak ve daha ger\u00e7ek\u00e7i bir finansal tablo sunmak i\u00e7in rakamlar\u0131n\u0131 enflasyona g\u00f6re d\u00fczeltmesini gerektirir.<\/p>\n<p>Ancak raporun 2.1.3 numaral\u0131 dipnotu, bunun tam tersinin yap\u0131ld\u0131\u011f\u0131n\u0131 ortaya koyuyor. Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu (BDDK), ald\u0131\u011f\u0131 bir kararla Garanti Faktoring gibi finans sekt\u00f6r\u00fcndeki \u015firketlerin 2025 mali y\u0131l\u0131nda enflasyon muhasebesi <b>uygulamayaca\u011f\u0131n\u0131<\/b> belirtmi\u015f.<\/p>\n<p>Bu karar\u0131n anlam\u0131 \u015fudur: Raporda sunulan k\u00e2r ve varl\u0131k de\u011ferleri, enflasyonun neden oldu\u011fu sat\u0131n alma g\u00fcc\u00fc kayb\u0131n\u0131n etkisini tam olarak yans\u0131tmamaktad\u0131r. Bu bir hata de\u011fil, \u015firketin performans\u0131n\u0131n nas\u0131l sunulaca\u011f\u0131n\u0131 do\u011frudan etkileyen bir d\u00fczenleyici tercihtir. Bu, finansal raporlamada nadir rastlanan ve d\u00fczenleyici otoritenin piyasa ger\u00e7ekli\u011fine nas\u0131l m\u00fcdahale etti\u011fini g\u00f6steren b\u00fcy\u00fcleyici bir \u00f6rnektir. Bu durum, &#8220;k\u00e2r&#8221; kavram\u0131n\u0131n, uygulanan muhasebe kurallar\u0131na ba\u011fl\u0131 olarak ne kadar farkl\u0131 anlamlara gelebilece\u011fini de kan\u0131tlar niteliktedir.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h3>Sonu\u00e7: B\u00fcy\u00fcme, Risk ve Gelece\u011fe Dair Bir Soru<\/h3>\n<p>\u00d6zetle, Garanti Faktoring&#8217;in 2025 raporu, birbiriyle i\u00e7 i\u00e7e ge\u00e7mi\u015f \u00fc\u00e7 katmanl\u0131 bir stratejiyi ortaya koyuyor: Bor\u00e7lanma ile beslenen c\u00fcretk\u00e2r bir b\u00fcy\u00fcme, bu b\u00fcy\u00fcmenin ka\u00e7\u0131n\u0131lmaz bir sonucu olan artan risklere kar\u015f\u0131 ayr\u0131lan devasa kar\u015f\u0131l\u0131klar ve t\u00fcm bu tablonun, d\u00fczenleyici bir kararla enflasyonun bozucu etkisinden ar\u0131nd\u0131r\u0131lmadan sunulmas\u0131. Bu durum, \u015firketin performans\u0131n\u0131 de\u011ferlendirirken nominal rakamlar\u0131n \u00f6tesine ge\u00e7meyi zorunlu k\u0131l\u0131yor.<\/p>\n<p>Bu \u00fc\u00e7 unsur bir araya geldi\u011finde akla tek bir soru geliyor: Peki, bu denli h\u0131zl\u0131 bir b\u00fcy\u00fcme s\u00fcrd\u00fcr\u00fclebilir mi, yoksa artan riskler ve zorlu ekonomik ko\u015fullar gelecekte bir fren rol\u00fc m\u00fc oynayacak?<\/p>\n<p>&nbsp;<\/p>\n<h1>Garanti Faktoring A.\u015e. 2025 Y\u0131l\u0131 Finansal Durum ve Denetim Raporu Bilgilendirme Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu bilgilendirme notu, Garanti Faktoring Anonim \u015eirketi&#8217;nin (&#8220;\u015eirket&#8221;) 31 Aral\u0131k 2025 tarihinde sona eren hesap d\u00f6nemine ait finansal tablolar\u0131n\u0131 ve G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (EY) taraf\u0131ndan haz\u0131rlanan ba\u011f\u0131ms\u0131z denet\u00e7i raporunu sentezlemektedir.<\/p>\n<p>2025 y\u0131l\u0131, \u015eirket i\u00e7in dikkate de\u011fer bir b\u00fcy\u00fcme d\u00f6nemi olmu\u015ftur. Toplam varl\u0131klar bir \u00f6nceki y\u0131la g\u00f6re %152 artarak 13,3 milyar TL&#8217;den 33,5 milyar TL&#8217;ye y\u00fckselmi\u015ftir. Bu b\u00fcy\u00fcmenin ana itici g\u00fcc\u00fc, net faktoring alacaklar\u0131ndaki %148&#8217;lik art\u0131\u015ft\u0131r. \u015eirket&#8217;in esas faaliyet gelirleri %86 art\u0131\u015fla 10,5 milyar TL&#8217;ye ula\u015fm\u0131\u015f ve d\u00f6nem net k\u00e2r\u0131 %48 artarak 2,13 milyar TL olarak ger\u00e7ekle\u015fmi\u015ftir. Hisse ba\u015f\u0131na k\u00e2r ise 3,62 TL&#8217;den 5,36 TL&#8217;ye y\u00fckselmi\u015ftir.<\/p>\n<p>Ba\u011f\u0131ms\u0131z denet\u00e7i, finansal tablolar\u0131n Bankac\u0131l\u0131k D\u00fczenleme ve Denetleme Kurumu (BDDK) Muhasebe ve Finansal Raporlama Mevzuat\u0131&#8217;na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sunuldu\u011fu sonucuna vararak &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; bildirmi\u015ftir.<\/p>\n<p>Denetim raporunda \u00f6ne \u00e7\u0131kan &#8220;Kilit Denetim Konusu&#8221;, finansal varl\u0131klara ili\u015fkin de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcn\u00fcn hesaplanmas\u0131d\u0131r. Toplam varl\u0131klar\u0131n %96&#8217;s\u0131n\u0131 olu\u015fturan faktoring alacaklar\u0131 i\u00e7in ayr\u0131lan Beklenen Kredi Zarar\u0131 (BKZ) kar\u015f\u0131l\u0131klar\u0131n\u0131n hesaplanmas\u0131ndaki karma\u015f\u0131kl\u0131k, \u00f6nemli y\u00f6netim tahminleri i\u00e7ermesi ve mevzuata uygunluk riskleri, bu konunun denetim a\u00e7\u0131s\u0131ndan en \u00e7ok \u00f6nem arz eden husus olarak belirlenmesine neden olmu\u015ftur. Denet\u00e7i, bu alanda detayl\u0131 prosed\u00fcrler uygulayarak y\u00f6netimin y\u00f6ntem ve varsay\u0131mlar\u0131n\u0131 de\u011ferlendirmi\u015ftir.<\/p>\n<h2>Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu ve Kilit Denetim Konular\u0131<\/h2>\n<p>G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e. (EY \u00fcyesi) taraf\u0131ndan haz\u0131rlanan 30 Ocak 2026 tarihli ba\u011f\u0131ms\u0131z denet\u00e7i raporu, \u015eirket&#8217;in finansal tablolar\u0131na ili\u015fkin \u00f6nemli bulgular i\u00e7ermektedir.<\/p>\n<h3>Denet\u00e7i G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<p>Denet\u00e7i, Garanti Faktoring A.\u015e.&#8217;nin 31 Aral\u0131k 2025 tarihi itibar\u0131yla finansal durumunu, ayn\u0131 tarihte sona eren hesap d\u00f6nemine ait finansal performans\u0131n\u0131 ve nakit ak\u0131\u015flar\u0131n\u0131, &#8220;BDDK Muhasebe ve Finansal Raporlama Mevzuat\u0131&#8221;na uygun olarak t\u00fcm \u00f6nemli y\u00f6nleriyle ger\u00e7e\u011fe uygun bir bi\u00e7imde sundu\u011fu kanaatine varm\u0131\u015ft\u0131r. Bu, &#8220;olumlu g\u00f6r\u00fc\u015f&#8221; olarak nitelendirilmektedir.<\/p>\n<h3>Denetimin Dayana\u011f\u0131 ve Standartlar\u0131<\/h3>\n<p>Ba\u011f\u0131ms\u0131z denetim, Sermaye Piyasas\u0131 Kurulu ve Kamu G\u00f6zetimi, Muhasebe ve Denetim Standartlar\u0131 Kurumu (KGK) taraf\u0131ndan yay\u0131mlanan T\u00fcrkiye Denetim Standartlar\u0131&#8217;n\u0131n bir par\u00e7as\u0131 olan Ba\u011f\u0131ms\u0131z Denetim Standartlar\u0131&#8217;na (BDS&#8217;lere) uygun olarak y\u00fcr\u00fct\u00fclm\u00fc\u015ft\u00fcr. Denetim \u015firketi, KGK taraf\u0131ndan yay\u0131mlanan etik kurallara uygun olarak \u015eirket&#8217;ten ba\u011f\u0131ms\u0131z oldu\u011funu beyan etmi\u015ftir.<\/p>\n<h3>Kilit Denetim Konusu: Finansal Varl\u0131klarda De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc<\/h3>\n<p>Denetim raporunda, mesleki muhakemeye g\u00f6re cari d\u00f6neme ait finansal tablolar\u0131n denetiminde en \u00e7ok \u00f6nem arz eden konu olarak &#8220;Finansal varl\u0131klara ili\u015fkin de\u011fer d\u00fc\u015f\u00fckl\u00fc\u011f\u00fcn\u00fcn finansal tablolara al\u0131nmas\u0131 ve ilgili \u00f6nemli a\u00e7\u0131klamalar&#8221; belirlenmi\u015ftir.<\/p>\n<ul>\n<li><b>Konunun \u00d6nemi:<\/b>\n<ul>\n<li><b>\u00d6nemli Bakiye:<\/b> 31 Aral\u0131k 2025 tarihi itibar\u0131yla \u015eirket&#8217;in faktoring alacaklar\u0131, toplam aktiflerinin %96&#8217;s\u0131n\u0131 olu\u015fturmaktad\u0131r.<\/li>\n<li><b>Mevzuata Uygunluk Riski:<\/b> Beklenen Kredi Zararlar\u0131 (BKZ) hesaplamas\u0131 i\u00e7in y\u00f6netim taraf\u0131ndan olu\u015fturulan politikalar\u0131n, &#8220;Finansal Kiralama, Faktoring, Finansman ve Tasarruf Finansman \u015eirketlerinin Muhasebe Uygulamalar\u0131 ile Finansal Tablolar\u0131 Hakk\u0131nda Y\u00f6netmelik&#8221; ve TFRS 9 Finansal Ara\u00e7lar Standard\u0131 gibi d\u00fczenlemelere uygunlu\u011funa ili\u015fkin riskler bulunmaktad\u0131r.<\/li>\n<li><b>Karma\u015f\u0131kl\u0131k ve Tahminler:<\/b> BKZ hesaplamas\u0131nda kullan\u0131lan tahmin ve varsay\u0131mlar\u0131n (temerr\u00fct olas\u0131l\u0131\u011f\u0131, temerr\u00fct halinde kay\u0131p, makro-ekonomik de\u011fi\u015fkenler vb.) \u00f6nemli ve karma\u015f\u0131k olmas\u0131, konunun \u00f6nemini art\u0131rmaktad\u0131r.<\/li>\n<\/ul>\n<\/li>\n<li><b>Denetim Yakla\u015f\u0131m\u0131:<\/b> Denet\u00e7i, bu kilit konuyu ele almak i\u00e7in a\u015fa\u011f\u0131daki prosed\u00fcrleri uygulam\u0131\u015ft\u0131r:\n<ul>\n<li>Y\u00f6netim taraf\u0131ndan belirlenen anahtar muhakemelerin, tahminlerin ve hesaplama y\u00f6ntemlerinin standart gereklilikleri, sekt\u00f6r ve global uygulamalar g\u00f6zetilerek de\u011ferlendirilmesi.<\/li>\n<li>BKZ hesaplamas\u0131nda kullan\u0131lan temel tahminlerin (kredi riskindeki \u00f6nemli art\u0131\u015f, temerr\u00fct tan\u0131m\u0131, temerr\u00fct olas\u0131l\u0131\u011f\u0131 (TO), temerr\u00fct halinde kay\u0131p (THK), temerr\u00fct tutar\u0131 (TT) ve makro-ekonomik de\u011fi\u015fkenler) \u015eirket&#8217;in ge\u00e7mi\u015f performans\u0131 ve mevzuata uygunlu\u011funun finansal risk y\u00f6netimi uzmanlar\u0131 taraf\u0131ndan de\u011ferlendirilmesi.<\/li>\n<li>Hesaplama s\u00fcrecinde kullan\u0131lan bilgi setlerinin do\u011frulu\u011funun ve taml\u0131\u011f\u0131n\u0131n test edilmesi.<\/li>\n<li>BKZ hesaplamas\u0131n\u0131n matematiksel do\u011frulu\u011funun \u00f6rneklem yoluyla detayl\u0131 test edilmesi.<\/li>\n<li>Model sonras\u0131 yap\u0131lan g\u00fcncellemelerin gereklili\u011finin ve do\u011frulu\u011funun de\u011ferlendirilmesi.<\/li>\n<li>Uygulanan muhasebe politikalar\u0131 ve finansal tablolardaki a\u00e7\u0131klamalar\u0131n yeterlili\u011finin de\u011ferlendirilmesi.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Finansal Performans Analizi (1 Ocak &#8211; 31 Aral\u0131k 2025)<\/h2>\n<p>\u015eirket, 2025 y\u0131l\u0131nda bir \u00f6nceki y\u0131la k\u0131yasla g\u00fc\u00e7l\u00fc bir finansal performans sergilemi\u015ftir.<\/p>\n<h3>Gelir ve K\u00e2rl\u0131l\u0131k<\/h3>\n<p>\u015eirket&#8217;in k\u00e2rl\u0131l\u0131\u011f\u0131, faktoring hacmindeki art\u0131\u015fa paralel olarak \u00f6nemli \u00f6l\u00e7\u00fcde y\u00fckselmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Gelir ve Gider Kalemleri (Bin TL)<\/td>\n<td>2025<\/td>\n<td>2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet Gelirleri<\/b><\/td>\n<td><b>10.474.300<\/b><\/td>\n<td><b>5.629.853<\/b><\/td>\n<td><b>+86,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Finansman Giderleri (-)<\/td>\n<td>(6.763.138)<\/td>\n<td>(3.260.210)<\/td>\n<td>+107,4%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r\/Zarar<\/b><\/td>\n<td><b>3.711.162<\/b><\/td>\n<td><b>2.369.643<\/b><\/td>\n<td><b>+56,6%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Esas Faaliyet Giderleri (-)<\/td>\n<td>(642.593)<\/td>\n<td>(405.260)<\/td>\n<td>+58,6%<\/td>\n<\/tr>\n<tr>\n<td>Kar\u015f\u0131l\u0131k Giderleri (-)<\/td>\n<td>(353.136)<\/td>\n<td>(111.401)<\/td>\n<td>+217,0%<\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\u0131<\/td>\n<td>3.020.092<\/td>\n<td>2.046.818<\/td>\n<td>+47,5%<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131<\/b><\/td>\n<td><b>2.130.075<\/b><\/td>\n<td><b>1.438.088<\/b><\/td>\n<td><b>+48,1%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Hisse Ba\u015f\u0131na K\u00e2r (TL)<\/b><\/td>\n<td><b>5,358679<\/b><\/td>\n<td><b>3,617831<\/b><\/td>\n<td><b>+48,1%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Gider Analizi<\/h3>\n<ul>\n<li><b>Finansman Giderleri:<\/b> B\u00fcy\u00fcyen operasyonlar\u0131 finanse etmek i\u00e7in kullan\u0131lan kredilerdeki art\u0131\u015fa paralel olarak finansman giderleri %107,4 artm\u0131\u015ft\u0131r. Ana kalem, 6,44 milyar TL ile kullan\u0131lan kredilere verilen faizlerdir.<\/li>\n<li><b>Kar\u015f\u0131l\u0131k Giderleri:<\/b> Bilan\u00e7o b\u00fcy\u00fcmesi ve risk modellemesindeki de\u011fi\u015fiklikler neticesinde kar\u015f\u0131l\u0131k giderleri %217 artarak 353,1 milyon TL&#8217;ye y\u00fckselmi\u015ftir. Bu tutar\u0131n 342,2 milyon TL&#8217;si Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131&#8217;ndan olu\u015fmaktad\u0131r.<\/li>\n<li><b>Esas Faaliyet Giderleri:<\/b> Personel giderlerindeki art\u0131\u015f (%52) ve genel i\u015fletme giderlerindeki art\u0131\u015f (%74) nedeniyle esas faaliyet giderleri toplamda %58,6 artm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h2>Finansal Durum Analizi (31 Aral\u0131k 2025)<\/h2>\n<p>\u015eirket&#8217;in bilan\u00e7osu, 2024 y\u0131l sonuna k\u0131yasla \u00f6nemli \u00f6l\u00e7\u00fcde b\u00fcy\u00fcm\u00fc\u015ft\u00fcr.<\/p>\n<h3>Varl\u0131k Yap\u0131s\u0131<\/h3>\n<p>Toplam varl\u0131klar, faktoring alacaklar\u0131ndaki g\u00fc\u00e7l\u00fc art\u0131\u015fla 33,5 milyar TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131klar (Bin TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Nakit ve Nakit Benzerleri<\/td>\n<td>903.086<\/td>\n<td>165.020<\/td>\n<td>+447,2%<\/td>\n<\/tr>\n<tr>\n<td>Faktoring Alacaklar\u0131<\/td>\n<td>32.174.509<\/td>\n<td>12.956.943<\/td>\n<td>+148,3%<\/td>\n<\/tr>\n<tr>\n<td>Takipteki Alacaklar<\/td>\n<td>425.853<\/td>\n<td>121.767<\/td>\n<td>+249,7%<\/td>\n<\/tr>\n<tr>\n<td>Beklenen Zarar Kar\u015f\u0131l\u0131klar\u0131 (-)<\/td>\n<td>(377.382)<\/td>\n<td>(130.491)<\/td>\n<td>+189,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td><b>33.535.881<\/b><\/td>\n<td><b>13.300.378<\/b><\/td>\n<td><b>+152,1%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynak Yap\u0131s\u0131<\/h3>\n<p>B\u00fcy\u00fcmeyi finanse etmek i\u00e7in al\u0131nan kredilerde \u00f6nemli bir art\u0131\u015f ya\u015fan\u0131rken, \u00f6zkaynaklar da k\u00e2rl\u0131l\u0131\u011f\u0131n etkisiyle g\u00fc\u00e7lenmi\u015ftir.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynaklar (Bin TL)<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<td>31 Aral\u0131k 2024<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td>Al\u0131nan Krediler<\/td>\n<td>27.623.560<\/td>\n<td>9.735.853<\/td>\n<td>+183,7%<\/td>\n<\/tr>\n<tr>\n<td>Kar\u015f\u0131l\u0131klar<\/td>\n<td>191.846<\/td>\n<td>172.758<\/td>\n<td>+11,0%<\/td>\n<\/tr>\n<tr>\n<td>Cari Vergi Borcu<\/td>\n<td>232.950<\/td>\n<td>166.863<\/td>\n<td>+39,6%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fckler (Ara Toplam)<\/b><\/td>\n<td><b>28.232.561<\/b><\/td>\n<td><b>10.127.908<\/b><\/td>\n<td><b>+178,8%<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>\u00d6zkaynaklar<\/b><\/td>\n<td><b>5.303.320<\/b><\/td>\n<td><b>3.172.470<\/b><\/td>\n<td><b>+67,2%<\/b><\/td>\n<\/tr>\n<tr>\n<td>\u00d6denmi\u015f Sermaye<\/td>\n<td>397.500<\/td>\n<td>397.500<\/td>\n<td>0,0%<\/td>\n<\/tr>\n<tr>\n<td>K\u00e2r Yedekleri<\/td>\n<td>2.783.110<\/td>\n<td>1.345.022<\/td>\n<td>+106,9%<\/td>\n<\/tr>\n<tr>\n<td>D\u00f6nem Net K\u00e2r\u0131<\/td>\n<td>2.130.075<\/td>\n<td>1.438.088<\/td>\n<td>+48,1%<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Y\u00fck\u00fcml\u00fcl\u00fck ve \u00d6zkaynaklar<\/b><\/td>\n<td><b>33.535.881<\/b><\/td>\n<td><b>13.300.378<\/b><\/td>\n<td><b>+152,1%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>\u00d6nemli Muhasebe Politikalar\u0131 ve Dipnot Detaylar\u0131<\/h2>\n<h3>\u015eirket Bilgileri ve Faaliyetleri<\/h3>\n<ul>\n<li><b>Kurulu\u015f:<\/b> 4 Haziran 1990 tarihinde Aktif Finans Faktoring Hizmetleri A.\u015e. ad\u0131yla kurulmu\u015f, 2002 y\u0131l\u0131nda unvan\u0131 Garanti Faktoring Hizmetleri A.\u015e., 2014&#8217;te ise Garanti Faktoring A.\u015e. olarak de\u011fi\u015fmi\u015ftir.<\/li>\n<li><b>Halka Arz:<\/b> \u015eirket hisseleri 1993 y\u0131l\u0131ndan beri Borsa \u0130stanbul&#8217;da (B\u0130A\u015e) i\u015flem g\u00f6rmektedir.<\/li>\n<li><b>Ortakl\u0131k Yap\u0131s\u0131 (31 Aral\u0131k 2025):<\/b>\n<ul>\n<li>T\u00fcrkiye Garanti Bankas\u0131 A.\u015e.: %81,84<\/li>\n<li>T\u00fcrkiye \u0130hracat Kredi Bankas\u0131 A.\u015e.: %9,78<\/li>\n<li>Halka Arz Edilen: %8,38<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00c7al\u0131\u015fan Say\u0131s\u0131:<\/b> 122 (31 Aral\u0131k 2025 itibar\u0131yla).<\/li>\n<\/ul>\n<h3>Sunum Esaslar\u0131<\/h3>\n<ul>\n<li><b>Raporlama \u00c7er\u00e7evesi:<\/b> Finansal tablolar, BDDK taraf\u0131ndan yay\u0131mlanan tebli\u011f, y\u00f6netmelik ve genelgeler ile d\u00fczenlenmeyen konularda T\u00fcrkiye Finansal Raporlama Standartlar\u0131&#8217;n\u0131 (TFRS) i\u00e7eren &#8220;BDDK Muhasebe ve Finansal Raporlama Mevzuat\u0131&#8221;na uygun olarak haz\u0131rlanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Enflasyon Muhasebesi:<\/b> BDDK&#8217;n\u0131n 5 Aral\u0131k 2024 tarihli karar\u0131 uyar\u0131nca, \u015eirket&#8217;in 31 Aral\u0131k 2025 tarihli finansal tablolar\u0131nda TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama Standard\u0131&#8221; uygulanmam\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>Finansal Varl\u0131klarda De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fc (BKZ Politikas\u0131)<\/h3>\n<p>\u015eirket, TFRS 9 uyar\u0131nca faktoring alacaklar\u0131 i\u00e7in beklenen zarar kar\u015f\u0131l\u0131\u011f\u0131 ay\u0131rmaktad\u0131r. Bu politika, kredi riskini \u00fc\u00e7 a\u015famal\u0131 bir modelle y\u00f6netmektedir:<\/p>\n<ul>\n<li><b>A\u015fama 1 (12 Ayl\u0131k Beklenen Kredi Zarar\u0131):<\/b> Kredi riskinde ilk kayda al\u0131nmas\u0131ndan bu yana \u00f6nemli bir art\u0131\u015f olmayan finansal varl\u0131klar i\u00e7in uygulan\u0131r.<\/li>\n<li><b>A\u015fama 2 (\u00d6m\u00fcr Boyu Beklenen Kredi Zarar\u0131):<\/b> Kredi riskinde \u00f6nemli bir art\u0131\u015f tespit edilen (\u00f6rne\u011fin vadesi 30 g\u00fcnden fazla gecikmi\u015f alacaklar) finansal varl\u0131klar i\u00e7in uygulan\u0131r.<\/li>\n<li><b>A\u015fama 3 (De\u011fer D\u00fc\u015f\u00fckl\u00fc\u011f\u00fcne U\u011fram\u0131\u015f):<\/b> Temerr\u00fct durumundaki (objektif olarak 90 g\u00fcnden fazla gecikme veya subjektif olarak borcun \u00f6denmeyece\u011fine kanaat getirilmesi) finansal varl\u0131klar i\u00e7in uygulan\u0131r. Temerr\u00fct olas\u0131l\u0131\u011f\u0131 %100 olarak dikkate al\u0131n\u0131r.<\/li>\n<\/ul>\n<p>2025 y\u0131l\u0131nda \u015eirket, geri kazan\u0131lmas\u0131na ili\u015fkin makul beklenti bulunmayan ve &#8220;Zarar Niteli\u011findeki Alacaklar&#8221; s\u0131n\u0131f\u0131nda izlenen 62.802 Bin TL tutar\u0131ndaki faktoring alaca\u011f\u0131n\u0131 kay\u0131ttan d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/p>\n<h3>\u0130li\u015fkili Taraf \u0130\u015flemleri<\/h3>\n<p>\u015eirket, ana orta\u011f\u0131 T\u00fcrkiye Garanti Bankas\u0131 A.\u015e. ve grup \u015firketi Garantibank International NV ba\u015fta olmak \u00fczere ili\u015fkili taraflarla \u00f6nemli i\u015flemler ger\u00e7ekle\u015ftirmektedir. 31 Aral\u0131k 2025 itibar\u0131yla ana ili\u015fkili taraf bakiyeleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>T\u00fcrkiye Garanti Bankas\u0131 A.\u015e.:<\/b>\n<ul>\n<li>Banka bakiyeleri: 80.366 Bin TL (TP ve YP toplam\u0131)<\/li>\n<li>Al\u0131nan krediler: 1.811.135 Bin TL (YP)<\/li>\n<\/ul>\n<\/li>\n<li><b>Garantibank International NV:<\/b>\n<ul>\n<li>Al\u0131nan krediler: 1.638.106 Bin TL (TP ve YP toplam\u0131)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Ayr\u0131ca, T\u00fcrkiye Garanti Bankas\u0131 A.\u015e. nezdinde faktoring alacaklar\u0131na teminat olarak saklamada bulunan 23,4 milyar TL tutar\u0131nda \u00e7ek ve senet bulunmaktad\u0131r.<\/p>\n<h2>Ek Bilgiler<\/h2>\n<ul>\n<li><b>Sorumlu Denet\u00e7i:<\/b> Hayrettin Erg\u00fcl (G\u00fcney Ba\u011f\u0131ms\u0131z Denetim ve SMMM A.\u015e.).<\/li>\n<li><b>Rapor ve Onay Tarihleri:<\/b> Ba\u011f\u0131ms\u0131z Denet\u00e7i Raporu 30 Ocak 2026 tarihlidir. Finansal tablolar\u0131n ise Y\u00f6netim Kurulu taraf\u0131ndan 30 Ocak 2025 tarihinde onayland\u0131\u011f\u0131 belirtilmi\u015ftir.<\/li>\n<\/ul>\n<button class=\"simplefavorite-button\" data-postid=\"898\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>**Ba\u015fl\u0131k:** Garanti Faktoring 2025 Y\u0131l\u0131nda Rekor B\u00fcy\u00fcme Kaydetti!<\/p>\n<p>**\u00d6zet:**<br \/>\nGaranti Faktoring, 2025 y\u0131l\u0131 finansal sonu\u00e7lar\u0131yla sekt\u00f6rdeki \u00f6nc\u00fc konumunu peki\u015ftirmeye devam ediyor. \u015eirket, bir \u00f6nceki y\u0131la g\u00f6re net k\u00e2r\u0131n\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde art\u0131rarak **2.1 milyar TL** seviyesine ta\u015f\u0131rken, toplam aktiflerini **33.5 milyar TL**&#8217;ye ula\u015ft\u0131rd\u0131. Aktiflerinin %96&#8217;s\u0131n\u0131 faktoring alacaklar\u0131n\u0131n olu\u015fturdu\u011fu bu g\u00fc\u00e7l\u00fc bilan\u00e7o yap\u0131s\u0131, \u015firketin operasyonel g\u00fcc\u00fcn\u00fc ve s\u00fcrd\u00fcr\u00fclebilir b\u00fcy\u00fcme stratejisini yans\u0131t\u0131yor. 11 \u015fubesiyle hizmet veren Garanti Faktoring, hisse ba\u015f\u0131na kazanc\u0131n\u0131 da 5.35 TL&#8217;ye y\u00fckselterek yat\u0131r\u0131mc\u0131lar\u0131na g\u00fcven vermeye devam ediyor.<\/p>\n","protected":false},"author":1,"featured_media":899,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[200],"class_list":["post-898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-garfa"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=898"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/898\/revisions"}],"predecessor-version":[{"id":900,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/898\/revisions\/900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/899"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}